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Chapter 1 Flashcards

(49 cards)

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1
Q

demand

A

the quantity of a product that buyers are willing to purchase at each of various prices

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2
Q

productivity

A

the average level of output per worker per hour

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3
Q

recession

A

two or more consecutive three-month periods of decline in a country’s GDP

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4
Q

microeconomics

A

the study of the decisions made by individuals and businesses

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5
Q

macroeconomics

A

the study of the national economy and the global economy

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6
Q

monetary policies

A

Federal Reserve (banks) decisions that determine the size of the supply of money in the nation and the level of interest rates

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7
Q

cultural (or workplace) diversity

A

differences among people in a workplace owing to race, ethnicity, and gender

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8
Q

profit

A

what remains after all business expenses have been deducted from sales revenue

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9
Q

economy

A

the way in which people deal with the creation and distribution of wealth

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10
Q

factors of production

A

resources used to produce goods and services

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11
Q

entrepreneur

A

a person who risks time, effort, and money to start and operate a business

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12
Q

inflation

A

a general rise in the level of prices

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13
Q

deflation

A

a general decrease in the level of prices

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14
Q

unemployment rate

A

the percentage of a nation’s labor force unemployed at any time

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15
Q

consumer price index (CPI)

A

a monthly index that measures the changes in prices of a fixed basket of good purchased by a typical consumer in an urban area

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16
Q

business cycle

A

the recurrence of periods of growth and recession in a nation’s economic activity

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17
Q

nation debt

A

the total of all federal deficits

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18
Q

competition

A

rivalry among businesses for sales to potential customers

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19
Q

market price

A

the price at which the quantity demanded is exactly equal to the quantity supplied

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20
Q

oligopoly

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A

a market (or industry) in which there are few sellers

21
Q

business

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A

the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs

22
Q

free enterprise

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A

the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it

23
Q

stakeholders

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A

all the different people or groups of people who are affected by the policies and decision made by an organization

24
Q

economics

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A

the study of how wealth is created and distributed

25
capitalism
an economic system in which individuals own and operate the majority of businesses that provide goods and services
26
invisible hand
a term created by Adam Smith to describe how an individual's personal gain benefits others and a nation's economy
27
market economy
an economic system in which businesses and individuals decide what to produce and buy, and the market determine quantities sold and prices
28
mixed economy
an economy that exhibits elements of both capitalism and socialism
29
consumer products
goods and services purchased by individuals for person consumption
30
gross domestic product (GDP)
the total dollar value of all the goods and services produced by all people within the boundaries of a country during a one-year period
31
producer price index (PPI)
an index that measures prices that producers receive for their finished goods
32
depression
a severe recession that lasts longer than a typical recession and has a larger decline in business activity when compared to a recession
33
fiscal policy
government influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of government spending (government's decision about taxation and spending)
34
federal deficit
a shortfall created when the federal government spends more ina a fiscal year than it receives
35
perfect (pure) competition
the market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of that product
36
supply
the quantity of a product that producers are willing to sell at each of various prices
37
monopolistic competition
a market in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors
38
product differentiation
the process of developing and promoting differences between one's products and all competitive products
39
monopoly
a market (or industry) with only one seller, and there are barriers to keep other firms from entering the industry
40
natural monopoly
an industry requiring huge investments in capital and within which any duplication of facilities would be wasteful and this not in the public intrest
41
standard of living
a loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services
42
barter
a system of exchange in which goods or services are traded directly for other goods or services without using money
43
factory system
a system of manufacturing in which all the material, machinery, and workers required to manufacture a product are assembled in one place
44
specialization
the separation of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals
45
e-Business
the organized effort of individuals to produce and sell through the Internet, or a profit, the products and services that satisfy society's needs
46
service economy
an economy in which more effort is devoted to the production of services than to the production of goods
47
social media
the online interaction that allows people and businesses to communication and share ideas, personal information, and information about products or services
48
sustainability
meeting the needs of the present without compromising the ability of future generations to meet their own needs
49
command economy
an economic system in which the government decides what goods and services will be produced, how they will be produced, for who available goods and services will be produced, and who own and controls the major factors of production

Biz Org (7 decks)

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